Casto Southeast buys land for future Port Charlotte project

BUYER: Casto Port Charlotte LLC (Casto Southeast Realty Services LLC), Sarasota
SELLER: BMR Funding LLC
PROPERTY: 19200 Veterans Blvd., Port Charlotte
PRICE: $1.03 million
PREVIOUS PRICE: $3.22 million, August 2004
LAW FIRM ON DEED: Greene Hamrick Quinlan & Schermer PA, Bradenton

PLANS, DESCRIPTION:
The real estate firm Casto purchased 12.2 acres on Veterans Boulevard west of Cochran Boulevard for $1.03 million.

The price equated to $84,016 per acre.

The buyer has no specific plans for the site at the moment, says Brett Hutchens, president of Casto Southeast, but it will likely be developed into retail space.

“We're starting to plan it now,” he says. “We like that market in Port Charlotte and have been looking in south county for developable property for awhile. We will more than likely look to activate that land in the middle of the year around July or September.”

Casto has been hearing from a number of retail tenants interested in being in that market, he says.

The company targeted the specific site because of its traffic counts and attractive sales price.

“That particular intersection is growing,” Hutchens says. “It's more convenient that some of the locations that are directly on U.S. 41. We felt it was a good value.”

He estimates that the property could accommodate a development in that range of 60,000 to 80,000 square feet.